ALLE dominated by bulls lifting the market higher throughout the day


Allegion plc (ALLE) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team

Highlights

ALLE rises to highest close ever
ALLE dominated by bulls lifting the market higher throughout the day
ALLE pushes through Thursday's high

Overview

ALLE finished the week 3.63% higher at 138.90 after gaining $2.07 (1.51%) today, notably outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 138.90 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 137.64, the market confirmed its breakout through the prior session high after trading up to $1.60 above it intraday.

Daily Candlestick Chart (ALLE as at Feb 14, 2020):

Daily technical analysis candlestick chart for Allegion plc (ALLE) as at Feb 14, 2020

Friday's trading range has been $2.62 (1.92%), that's slightly above the last trading month's daily average range of $2.32. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ALLE.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Monday, ALLE gained 1.11% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(14) above 70" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Allegion plc. Out of 33 times, ALLE closed higher 51.52% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 63.64% with an average market move of 0.93%.


Market Conditions for ALLE as at Feb 14, 2020

Loading Market Conditions for ALLE (Allegion plc)...
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